Key Points
- Insider sale: Remitly Global insider Pankaj Sharma sold 16,000 shares on May 28 at an average price of $20.01, totaling about $320,160. The trade reduced his ownership by 2.04% and was made under a pre-arranged Rule 10b5-1 plan.
- Recent financial results were strong: Remitly reported quarterly EPS of $0.23, beating estimates of $0.12, on revenue of $452.8 million. Revenue rose 25.2% year over year, and the company also beat analyst revenue expectations.
- Wall Street remains constructive: Analysts currently rate the stock a Moderate Buy overall, with an average price target of $24.63. Institutional ownership is also high, with hedge funds and other institutions holding 74.25% of shares.
Remitly Global, Inc. (NASDAQ:RELY - Get Free Report) insider Pankaj Sharma sold 16,000 shares of Remitly Global stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $20.01, for a total value of $320,160.00. Following the completion of the sale, the insider owned 767,810 shares of the company's stock, valued at $15,363,878.10. The trade was a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Pankaj Sharma also recently made the following trade(s):
- On Friday, April 17th, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The stock was sold at an average price of $20.00, for a total transaction of $200,000.00.
- On Wednesday, April 1st, Pankaj Sharma sold 10,000 shares of Remitly Global stock. The shares were sold at an average price of $15.26, for a total transaction of $152,600.00.
Remitly Global Stock Performance
NASDAQ:RELY opened at $20.02 on Friday. Remitly Global, Inc. has a one year low of $12.08 and a one year high of $24.92. The firm has a market cap of $4.22 billion, a P/E ratio of 40.86 and a beta of 0.40. The firm has a 50-day simple moving average of $19.55 and a 200-day simple moving average of $16.05.
Remitly Global (NASDAQ:RELY - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.12 by $0.11. Remitly Global had a net margin of 6.12% and a return on equity of 12.90%. The business had revenue of $452.80 million during the quarter, compared to analyst estimates of $438.94 million. During the same quarter in the previous year, the business posted $0.05 EPS. The company's quarterly revenue was up 25.2% compared to the same quarter last year. On average, research analysts predict that Remitly Global, Inc. will post 0.67 EPS for the current fiscal year.
Institutional Trading of Remitly Global
Several hedge funds and other institutional investors have recently made changes to their positions in RELY. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Remitly Global by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,845 shares of the financial services provider's stock valued at $1,848,000 after purchasing an additional 3,870 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Remitly Global by 57.1% during the 1st quarter. Millennium Management LLC now owns 343,352 shares of the financial services provider's stock valued at $7,142,000 after purchasing an additional 124,798 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Remitly Global during the 1st quarter valued at $218,000. Focus Partners Wealth purchased a new stake in shares of Remitly Global during the 1st quarter valued at $1,458,000. Finally, Cetera Investment Advisers lifted its holdings in shares of Remitly Global by 12.0% during the 2nd quarter. Cetera Investment Advisers now owns 12,025 shares of the financial services provider's stock valued at $226,000 after purchasing an additional 1,286 shares during the last quarter. Hedge funds and other institutional investors own 74.25% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on the company. Oppenheimer set a $20.00 target price on Remitly Global in a research report on Thursday, February 19th. Wall Street Zen cut Remitly Global from a "strong-buy" rating to a "buy" rating in a research report on Saturday, March 28th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Remitly Global in a research report on Wednesday, May 20th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $27.00 target price on shares of Remitly Global in a research report on Thursday, May 7th. Finally, Freedom Capital raised Remitly Global to a "strong-buy" rating in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.63.
Read Our Latest Research Report on RELY
About Remitly Global
(
Get Free Report)
Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.
Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
